https://www.taxtmi.com/caselaws?id=440960 In a best judgment assessment, the assessing authority may make a fair estimate on a rational basis where the assessee withholds books of account despite notice and fails to object to the pre-assessment notice. Here, gross profit was first fixed at 80% and later reduced by the first appellate authority to 70% having regard to the business location. The High Court declined interference in revision because the estimate was supported by relevant material, was not arbitrary or vindictive, and the assessee had been given sufficient opportunity to produce records. en-us Tue, 23 May 2023 00:00:00 +0530 Sun, 30 Jul 2023 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440960 In a best judgment assessment, the assessing authority may make a fair estimate on a rational basis where the assessee withholds books of account despite notice and fails to object to the pre-assessment notice. Here, gross profit was first fixed at 80% and later reduced by the first appellate authority to 70% having regard to the business location. The High Court declined interference in revision because the estimate was supported by relevant material, was not arbitrary or vindictive, and the assessee had been given sufficient opportunity to produce records. Case-Laws VAT and Sales Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440960